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Milan, 06th May 2019

PROMETEON TYRE GROUP SUCCESSFULLY CONCLUDES AN AMENDMENT AND RESTATEMENT AGREEMENT, INCLUDING AN EXTENSION UP TO MARCH 2022 OF 600 MILLION EURO SENIOR FINANCING WITH 8 INTERNATIONAL BANKS

PRESS RELEASE

 

Milan, 6 May 2019 - Prometeon Tyre Group announces that it signed an agreement for the amendment, restatement and extension of its 600 million euro senior financing, underwritten in March 2017 with original 3-year duration.  The agreement allows the extension of the final maturity to March 2021 (with the possibility to further extend it to March 2022 at Company’s sole discretion) at conditions in line with current market level and secures the financial resources for the implementation of the 2019-2021 business plan.

These modifications have been negotiated between the Company and the banks, and they were unanimously agreed to by the eight banks participating in the senior financing: Bank of America Merrill Lynch, China Construction Bank, HSBC Bank, ING, Crédit Agricole Corporate and Investment Bank, Industrial and Commercial Bank of China, Banco Santander and Banco do Brasil AG.

The amendment of the senior financing follows the 58 million euro shareholders financing provided by TP Industrial Holding, which allows for a prepayment, ahead of schedule and on a voluntary basis, of 50 million euro Term Loan, thus reducing the total amount of the senior financing to 550 million euro.

Contact us

Prometeon Tyre Group S.r.l. - Communication Department
Viale Sarca, 222 - 20126 Milano

Cislaghi Tecla - Communication & Media Relations
tecla.cislaghi@prometeon.com
02/6442 51895

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